The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
Platinum Global Fund (Long Only) delivered a net return of +3.6% for the September 2026 quarter (Class C), outperforming the MSCI World Net Index in AUD by 2.1 percentage points, while recording a 1-year net return of -4.6%. The fund maintained a concentrated structure holding 22 investments, with the ten largest positions accounting for 67% of total portfolio value. Cash was managed tightly at 2% at quarter-end, remaining consistent with the strategy's target to hold 5% or less cash across typical market environments. The investment team operates under a macroeconomic framework characterized by heightened geopolitical friction, persistent inflation, and aggressive upward re-pricing of longer-term interest rates, with the U.S. 10-year Treasury yield trading well above 5%. Management emphasizes that rising yields are directly compressing valuation multiples for cyclical businesses and raising hurdles for capital deployment. Within technology, the team highlights a maturing AI cycle transitioning from broad speculative momentum to nuanced commercial discrimination, requiring patience rather than indiscriminate thematic exposure. Portfolio activity centered on disciplined valuation rebalancing and selective capital deployment. The manager initiated new long positions in wealth platform operator LPL Financial and streaming leader Netflix following steep share price pullbacks. Modest additions were made to Alphabet, American Express, London Stock Exchange Group, Nvidia, and Uber, while profits were trimmed in Danaher, HCA Healthcare, and Microsoft following significant share price rallies.
Achieve superior long-term capital growth by investing in a concentrated portfolio of high-quality, undervalued global franchises with diverse earnings drivers while maintaining disciplined valuation parameters.
Markets are navigating an unusually complex regime governed by higher-for-longer interest rates, geopolitical instability, and evolving AI capital spending demands. Investors should remain balanced and patient, maintaining a well-constructed portfolio of high-quality businesses with diverse earnings drivers trading at reasonable valuations.
Moderate Conviction Bullish
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